Akerna Flash Report: Stimulus Checks Landing on St. Patrick’s Day Prompt Largest Cannabis Sales Day of 2021

3.2 min readPublished On: March 25th, 2021By

DENVER– Business intelligence from Akerna (Nasdaq: KERN), an enterprise software, compliance technology provider, and developer of the cannabis industry’s first seed-to-sale enterprise resource planning/ ERP software technology, MJ Platform, shows that Wednesday, March 17th, St Patrick’s Day and the day that most qualifying Americans received their $1,400 stimulus checks was by far the largest cannabis sales day of the year, with over $89,000,000 in sales, 50% higher (1.5X) than previous Wednesdays this year.

“Historically, our data hasn’t shown any large spikes or changes around St. Patrick’s Day, but with the U.S. stimulus checks landing on the same day in 2021, we saw huge spikes in spending and huge profit opportunities for dispensaries,” says James Ahrendt, BI Architect at Akerna. “On top of the large numbers, our data shows that flower continues to be the top purchased product, and the female consumer group continues to grow. With 420 just around the corner, businesses should consider data insights, like these from MJ Platform, to best prepare for yet another profitable day in the cannabis industry.”

The following days also saw elevated sales, with Thursday, March 18th having a 23% increase over prior Thursdays and Friday, March 19th having an 8% increase over previous. From Wednesday to Friday, the cannabis sales total was over $230,000,000 nationally.

In addition, average order size grew in those three days, with medical purchases up 20% and averaging $147.99, and recreational purchasing up 16% at an average of $85.67.

Additional Insights

Other takeaways from the 3-day span (3/17 – 3/19):

1.       Category sales:

a.       Flower – 45%

b.      Cartridge/Pens – 32%

c.       Concentrates – 13%

d.      Infused Edibles – 8%

e.      Other – 2%

2.       Demographics: 60.2% male, and 39.8% female sales

3.       Sales by age groups: which was led by the 30-40-year-old age group

f.        30-40 –31%

g.       Under 30 – 28%

h.      40-50 – 20%

i.         50-60 –12%

j.        Over 60 – 9%

Forward-Looking Statements:

Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such terms or expressions) are intended to identify forward-looking statements. Such forward-looking statements include but are not limited to statements regarding the ability of the MJ Platform team to help operators make decisions through analytics and reporting. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of significant known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside Akerna’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others that may affect actual results or outcomes, include (i) Akerna’s ability to maintain relationships with customers and suppliers and retain its management and key employees, (ii) changes in applicable laws or regulations, (iii) changes in the market place due to the coronavirus pandemic or other market factors, (iv) and other risks and uncertainties disclosed from time to time in Akerna’s filings with the U.S. Securities and Exchange Commission, including those under “Risk Factors” therein. You are cautioned not to place undue reliance on forward-looking statements. All information herein speaks only as of the date hereof, in the case of information about Akerna, or the date of such information, in the case of information from persons other than Akerna. Akerna undertakes no duty to update or revise the information contained herein. Forecasts and estimates regarding Akerna’s industry and end markets are based on sources believed to be reliable; however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.

(This information is primarily sourced from Akerna.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here)

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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